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Registros recuperados: 41
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Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy: The Case of Slovenia AgEcon
Bakucs, Lajos Zoltan; Bojnec, Stefan; Ferto, Imre.
The paper focus on the time adjustment paths of the exchange rate and agricultural producer and industrial prices in response to unanticipated monetary shocks following model developed by Saghaian et al. (2002). Results indicate that agricultural prices adjust faster than industrial prices to innovations in the money supply, affecting relative prices in the short run, but strict long-run money neutrality does not hold. The impulse response analysis shows that an exogenous shock to the money supply has a significant and volatile effect on the three price variables. The extent of overshooting in agricultural prices is twice as large as for exchange rates or industrial prices. This indicates that in the case of monetary shocks the sectors associated with...
Tipo: Conference Paper or Presentation Palavras-chave: Agricultural prices; Exchange rates; Monetary shocks; Overshooting; Transition economy; Agricultural Finance; International Relations/Trade.
Ano: 2007 URL: http://purl.umn.edu/9422
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Impact of Off-farm Income on Farm Efficiency in Slovenia AgEcon
Bojnec, Stefan; Ferto, Imre.
Impact of Off-farm Income on Farm Efficiency in Slovenia
Tipo: Conference Paper or Presentation Palavras-chave: Off-farm income; Stochastic frontier analysis; Panel regression; Quantile regression; Slovenia; Agricultural Finance; Farm Management.
Ano: 2011 URL: http://purl.umn.edu/114258
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EXCHANGE RATES AND THE MEASUREMENT OF AGRICULTURAL PRICE DISTORTIONS IN CEECs AND OF CEEC-EU ACCESSION COSTS AgEcon
Bojnec, Stefan; Munch, Wolfgang; Swinnen, Johan F.M..
Exchange rates were heavily distorted under the central planning system in Central and Eastern Europe and are still adjusting in the transition process. The use of nominal exchange rates introduces a bias for international price comparisons and in calculations based on them. We present various exchange rates and discuss their relevance and usefulness for CEEC economic transition studies. We show that calculations of agricultural price distortions, protection rates and budgetary costs of EU-CEEC accession are sensitive to the exchange rate assumptions. More specifically, our simulations of EU-CEEC integration effects show that net exports are substantially smaller and budgetary costs less under the assumption of continued real appreciation of the CEC-4...
Tipo: Working or Discussion Paper Palavras-chave: Demand and Price Analysis; International Relations/Trade.
Ano: 1997 URL: http://purl.umn.edu/31863
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Determinants of competition in agro-food trade between Central European Countries and the European Union AgEcon
Bojnec, Stefan; Ferto, Imre.
This paper investigates determinants of competition in agro-food trade between five transition Central European Countries (CEC-5) (Czech Republic, Hungary, Poland, Slovakia, and Slovenia) and the European Union (EU-15) countries during the preenlargement years 1995-2003. We distinguish between one-way exports and imports, and two-way successful and unsuccessful price and quality competition in agro-food trade between the CEC-5 and the EU-15. The effect of trade balance on trade competition is found more significant than the effect of export-import unit values difference. Natural and human factor endowments increase price competition and reduce unsuccessful quality competition. Higher level of economic development reduces quality competition, whereas the...
Tipo: Conference Paper or Presentation Palavras-chave: Competition categories; Determinants; Agro-food trade; Central and Eastern Europe; European Union.; International Relations/Trade.
Ano: 2007 URL: http://purl.umn.edu/7779
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Trade Types in Slovenian Primary and Processed Agricultural Trade AgEcon
Bojnec, Stefan; Majkovic, Darja; Turk, Jernej.
The significance of the processed food products in agricultural and food trade is increasing in Slovenia as well as in the other developed countries. The large share of agricultural and food trade is inter-industry trade. The significance of intra-industry trade (IIT) is increasing with the degree of processing. In particular, IIT is based on products differentiated in quality where low quality vertical IIT prevails. This kind of trade specialization and trade patterns, together with trade geography, imply some similarities in these trade developments with developing countries and countries with less competitive food processing rather than with more advanced European Union countries with the competitive food processing sector.
Tipo: Conference Paper or Presentation Palavras-chave: Trade types; Trade quality; Intra-industry trade; International Relations/Trade; F10; F14; F15.
Ano: 2005 URL: http://purl.umn.edu/24477
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Comparative advantages and competitiveness of Hungarian and Slovenian agro-food trade in the EU markets AgEcon
Bojnec, Stefan; Ferto, Imre.
The paper investigates comparative advantages and competitiveness of Hungarian and Slovenian agro- food trade in the EU markets. Applying a highly disaggregated trade dataset, we describe the pattern of agro- food trade in Hungary and Slovenia using the Balassa index. The extent of trade specialization exhibits a declining trend. Both countries have lost comparative advantage for a number of product groups over time. The indices of specialization have tended to converge. For particular product groups, the indices display greater variation. They are stable for product groups with comparative disadvantage, but product groups with weak to strong comparative advantage show significant variation. The price competition, quality competition and the one- way trade...
Tipo: Conference Paper or Presentation Palavras-chave: Comparative Advantage; Price Competition; Agro- Food Trade.; International Relations/Trade.
Ano: 2006 URL: http://purl.umn.edu/10069
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COMPARATIVE ADVANTAGES IN AGRO-FOOD TRADE OF HUNGARY, CROATIA AND SLOVENIA WITH THE EUROPEAN UNION AgEcon
Bojnec, Stefan; Ferto, Imre.
This paper investigates comparative trade advantages in agro-food trade. We analyze comparative advantages of Hungarian, Croatian and Slovenian agro-food trade in the European Union (EU) markets. Both the levels and pattern of the revealed comparative advantage measure are investigated. The empirical research seeks to explain how revealed comparative advantages have developed across countries, main product groups and over time and what are likely their implications for multifunctional rural development in the enlarged EU. We employ a disaggregated trade dataset to identify the revealed comparative advantages to provide broader policy implications. The empirical results confirmed bulk of agro-food and forestry products with revealed comparative advantages...
Tipo: Working or Discussion Paper Palavras-chave: Comparative advantage; Croatia; Hungary; Slovenia.; Agribusiness; Community/Rural/Urban Development; Food Consumption/Nutrition/Food Safety; International Relations/Trade; Marketing; Political Economy; Production Economics; F14; Q17.
Ano: 2007 URL: http://purl.umn.edu/90870
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AGRICULTURAL AND FOOD TRADE IN CENTRAL AND EASTERN EUROPE: THE CASE OF SLOVENIAN INTRA-INDUSTRY TRADE AgEcon
Bojnec, Stefan; Hartmann, Monika.
One of the striking features in Central and Eastern European (CEE) countries is the deterioration of their agricultural and food trade balance during transition to a market economy as imports increased faster than exports or exports even declined. This paper investigates the Slovenian agricultural and food trade in more detail focusing on changes in the geographical distribution of trade and the nature of trade specialization on the basis of the Grubel-Lloyd Intra-Industry Trade index and Marginal Intra-Industry Trade Indices. The results indicate that Slovenian agricultural and food trade largely remains of the inter-industry type with specialisation of exports towards the former Yugoslav markets and imports from the European Union. The proportion of...
Tipo: Working or Discussion Paper Palavras-chave: Intra-industry trade; Integration; Agro-food sector; Industrial Organization; F14; F15; P52; Q17.
Ano: 2004 URL: http://purl.umn.edu/14940
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Investment and Financial Constraints in European Agriculture: Evidence from France, Hungary and Slovenia AgEcon
Ferto, Imre; Bakucs, Lajos Zoltan; Bojnec, Stefan; Latruffe, Laure.
The article investigates the investment and financial constraints for French, Hungarian and Slovenian farms using FADN panel data with different econometric estimation approaches. Farm gross investment is positively associated with real sales growth and cash flow implying the absence of soft budget constraint. Gross farm investment is positively associated with investment subsidies. Specific results by country are found depending on farm indebtedness. Investment subsidies can mitigate some capital market imperfections in short-term, while on long-term what is crucial is farm sale ability to successfully compete in the output market gaining sufficient cash flow for farm competitive survival and investment.
Tipo: Conference Paper or Presentation Palavras-chave: Farm investment; Soft budget constraint; Investment subsidy; Panel data analysis; Agricultural Finance; D81; D92; O12; Q12; C23.
Ano: 2011 URL: http://purl.umn.edu/114357
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Market-Creating Effect of the Internet on Food Trade AgEcon
Bojnec, Stefan; Ferto, Imre.
This paper analyses the impact of the number of the Internet users on food industry trade between developed OECD countries using both panel and cross-sectional data. We find the positive, significant and over time increasing effect of the Internet on food industry exports confirming that the Internet reduces market-specific entry costs for food industry exports. The significant positive effect pertained to the Internet is found in the importing countries. The significant positive effects on food industry exports are found for the country’s economic size and bilateral common features and proximities. The Internet mitigates the countries proximities, but increased the distance between the countries.
Tipo: Conference Paper or Presentation Palavras-chave: Internet; Distance; International trade; OECD countries; International Development.
Ano: 2010 URL: http://purl.umn.edu/91958
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Investment of Slovenian farms in the transition context AgEcon
Bojnec, Stefan; Latruffe, Laure.
This paper investigates the investment decisions of Slovenian farms during the transition and adjustment period to European Union (EU) membership and in particular whether these decisions were constrained by financing availability. Results from a standard and an augmented accelerator models indicate that farms’ investment decisions was based on market opportunities during the period 1994-2003, but that the decisions were constrained by financing availability.
Tipo: Conference Paper or Presentation Palavras-chave: Farms; Investment; Accelerator model; Financial constraint; Slovenia.; Agricultural and Food Policy.
Ano: 2007 URL: http://purl.umn.edu/7827
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Institutions, Policy Reforms and Efficiency in New Member States from Central and Eastern Europe AgEcon
Bojnec, Stefan; Ferto, Imre; Jambor, Attila; Toth, Jozsef.
This paper investigates determinants of agricultural sector efficiency in ten new member states (NMS-10) of the European Union (EU) from Central and Eastern European countries by the non-parametric method Data Envelopment Analysis (DEA) and the panel data analysis. The agricultural sector efficiency varies between the NMS-10. We have found positive and significant association of the agricultural sector efficiency with the natural agricultural factor endowments, average farm size, farm specialization, small-scale farms, and the EU integration process. The foreign direct investments have an ambiguous affect, while the nominal assistance rate is not found significant. Reform and institutional developments and liberalization are associated with the...
Tipo: Conference Paper or Presentation Palavras-chave: Agricultural efficiency; Institutions; Policy reforms; Agricultural and Food Policy; Institutional and Behavioral Economics; Political Economy; C14; C23; Q12.
Ano: 2010 URL: http://purl.umn.edu/91032
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Impact of Off-farm Income on Farm Efficiency in Slovenia AgEcon
Bojnec, Stefan; Ferto, Imre.
The paper investigates the impact of off-farm income on farm technical efficiency for the Slovenian Farm Accountancy Data Network farms in the years 2004-2008. Farm stochastic frontier time-varying decay inefficiency is positively associated with total utilised agricultural areas and total labour input, and vice versa with intermediate consumption and fixed assets. We find a positive association between farm technical efficiency and the off-farm income. Farm technical efficiency has increased steadily over time, the process, which was led by the off-farm spill over effect and most efficient farms. Farm technical efficiency is also positively associated with economic farm size, while association with subsidies is mixed depending on the estimation procedure....
Tipo: Conference Paper or Presentation Palavras-chave: Off-farm income; Stochastic frontier analysis; Panel regression; Quantile regression; Slovenia; Farm Management.
Ano: 2011 URL: http://purl.umn.edu/108945
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Patterns and Determinants of Agro-Food Trade of the BRIC Countries: The Role of Institution AgEcon
Bojnec, Stefan; Ferto, Imre; Fogarasi, Jozsef.
Agro-food trade between the BRIC countries has increased. Brazil and China contributed to the rapid increase of agro-food trade. The Russian Federation experienced the stagnating and the most volatile agro-food trade over time. The composition of agro-food trade for the BRIC countries varies by the BEC agro-food trade categories and over time. The prevailing in the composition of agro-food trade are BEC122 and BEC111 for Brazil and the Russian Federation, and BEC122 and BEC112 for India and China. Brazil and India have strengthened their market shares in agro-food trade between the BRIC countries, while the Russian Federation has experienced the most severe deterioration. The number and the share of trading partners that have traded every year vary between...
Tipo: Conference Paper or Presentation Palavras-chave: Agro-food trade; BRIC countries; Adapted gravity model; Institutions; Agribusiness; F14; Q17; C23; O57.
Ano: 2011 URL: http://purl.umn.edu/115529
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Agricultural Land Markets and Land Leasing in the Former Yugoslav Republic of Macedonia AgEcon
Petroska Angelovska, Neda; Ackovska, Marija; Bojnec, Stefan.
The aim of this study is to identify the driving forces that shape agricultural land structures, land market and land leasing in the Former Yugoslav Republic of Macedonia (FYROM). Institutional developments and land reforms have so far been modest in the FYROM, and have not contributed to significant changes in agricultural ownership, operational structures, or land market and land leasing arrangements. Land ownership and land use are bimodal, consisting of several small-scale family farms and a few large-scale agricultural enterprises. The small family farms own and operate land on several small parcels, which is one of the major obstacles to the modernisation of family farm production. They produce food for household subsistence with mixed crop, fruit,...
Tipo: Working Paper Palavras-chave: Agricultural land ownership; Agricultural land operation; Land market; Price of land; Rental values; Former Yugoslav Republic of Macedonia; Land Economics/Use.
Ano: 2012 URL: http://purl.umn.edu/120176
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Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy: The Case of Slovenia AgEcon
Bakucs, Lajos Zoltan; Bojnec, Stefan; Ferto, Imre.
The paper focus on the time adjustment paths of the exchange rate and agricultural producer and industrial prices in response to unanticipated monetary shocks following model developed by Saghaian et al. (2002). We employ Johansen's cointegration test along with a vector error correction model to investigate whether agricultural producer prices overshoot in a transition economy. Results indicate that agricultural prices adjust faster than industrial prices to innovations in the money supply, affecting relative prices in the short run, but strict long-run money neutrality does not hold. The impulse response analysis shows that an exogenous shock to the money supply has a significant and volatile effect on the three price variables. Initially, both the...
Tipo: Conference Paper or Presentation Palavras-chave: Agricultural prices; Exchange rates; Monetary shocks; Overshooting; Transition economy; Financial Economics; C32; E51; P22; Q11.
Ano: 2006 URL: http://purl.umn.edu/25515
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Developments in the Agricultural and Rural Capital Market of the Former Yugoslav Republic of Macedonia AgEcon
Angelova, Biljana; Bojnec, Stefan.
Factor Markets Coordination: Centre for European Policy Studies (CEPS), Brussels, Belgium
Tipo: Working or Discussion Paper Palavras-chave: Capital market; Farm income; Subsidies; Loans; Agricultural and rural development; Former Yugoslav Republic of Macedonia; Agricultural and Food Policy; Agricultural Finance; Political Economy.
Ano: 2011 URL: http://purl.umn.edu/117490
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Communication Costs and Agro-Food Trade in OECD Countries AgEcon
Bojnec, Stefan; Ferto, Imre.
The paper analyses the effects of communication costs for agro-food trade in OECD countries between 1995 and 2003 using gravity model. We find that the link between the communication costs and agro-food trade flows in developed countries is significantly stronger for agricultural than for food products. The improved communication services reduce trade transaction costs. The estimations also confirmed importance of the economy size, level of development in importer countries, and trade distance. The other traditional gravity variables like contiguity, language and regional free trade agreements have significant impacts in the majority of specifications
Tipo: Conference Paper or Presentation Palavras-chave: Communication costs; Agro-food trade; Gravity model; International Relations/Trade; F14; F23; Q17.
Ano: 2009 URL: http://purl.umn.edu/50937
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The impact of non-farm income on the investment in agriculture: evidence from Hungary and Slovenia AgEcon
Bakucs, Lajos Zoltan; Bojnec, Stefan; Ferto, Imre; Latruffe, Laure.
The article investigates the impact of non-farm income on the investment for Hungarian and Slovenian farms using FADN panel data for the years 2004-2008 and different econometric estimation approaches. We find that non-farm income is more important for Slovenian farms than for Hungarian farms. Farm gross investment is positively associated with real sales growth and cash flow implying the absence of soft budget constraint. Gross farm investment is negatively associated with non-farm income, but positively associated with investment subsidies. Specific results by country are found depending on growing vs. declining real sales and on farm indebtedness.
Tipo: Conference Paper or Presentation Palavras-chave: Non-farm income; Farm investment; Soft budget constraint; Panel data analysis; Community/Rural/Urban Development; D81; D92; O12; Q12; C23.
Ano: 2010 URL: http://purl.umn.edu/95318
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Agricultural and Rural Capital Markets in the EU Candidate Countries: Croatia, the Former Yugoslav Republic of Macedonia and Turkey AgEcon
Bojnec, Stefan.
Factor Markets Coordination: Centre for European Policy Studies (CEPS), Brussels, Belgium
Tipo: Working or Discussion Paper Palavras-chave: Capital market; Agriculture and rural areas; European Union; Candidate countries; Agricultural and Food Policy; Agricultural Finance; Political Economy.
Ano: 2011 URL: http://purl.umn.edu/117489
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